Price and Equilibrium Analysis · SHS3 Economics

Lesson notes

Learning Objectives

Indicator: 3.3.1.LI.2 - Examine the problems and effects of Minimum (Price Floor) and Maximum (Price Ceiling) price controls.

By the end of the lesson, learners can:

Explain at least four problems created by minimum price controls (price floors) using examples from agriculture and labour markets.
Explain at least four problems created by maximum price controls (price ceilings) using examples from housing and food markets.
Analyse the effects of both price controls on producers, consumers and the government.
Compare and contrast the problems of price floors and price ceilings using a structured discussion.
Recommend appropriate policy responses to address the problems caused by price controls, justifying their reasoning.

This lesson builds directly on Week 1 where learners explained what price floors and price ceilings are. It focuses on the problems and effects of these controls, which sets the foundation for later work on predicting price movements in the modern economy.

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Curriculum details

Strand: Price Analysis and Prediction in the Modern Economy (Strand 3)
Sub-strand: Price and Equilibrium Analysis (3.1)
Content standard: 3.3.1.CS.1 - Demonstrate understanding in price control. 3.3.1.LO.1 Distinguish between minimum (Price Floor) and maximum (Price Ceiling) price controls.
Indicator: 3.3.1.LI.2 - Examine the problems and effects of Minimum (Price Floor) and Maximum (Price Ceiling) price controls.
Suggested placement: Semester 2, Week 2 (Week 22 of the year)
Our suggestion, laid out in curriculum order across three terms of twelve weeks. NaCCA does not fix the week, so follow your school's scheme of learning.
Curriculum reference: NaCCA curriculum document, p. 109

Exemplars (from the NaCCA curriculum)

Building on What Others Say: Brainstorm on the problems and effects of Minimum (Price Floor) and Maximum (Price Ceiling) price controls. Pay attention to learners approaching proficiency.
Assessment (3.3.1.AS.2). The document marks these depth-of-knowledge levels for this indicator: Level 3 Strategic reasoning.
Teaching and Learning Resources:
- Marker
- White board